Free Trial

TECHS: CEEMEA FX Price Signal Summary: USDRUB Channel Base Holds Firm

  • EURHUF is firmer but recent gains are still considered corrective. The technical condition is bearish and the downtrend that started Dec 31 remains intact. The recent breach of 356.32, Jan 25 low opens 353.15 next, a major support and Dec 14 low.
    • Key resistance remains 361.14, Jan 27 high where a break is required to alter the picture.
  • EURPLN this week failed to deliver a clear break of support at 4.4731, Feb 3 low. A breach of 4.5089, the 50-day EMA would signal scope for a stronger bounce. Key resistance is 4.5618, Jan 28 high. The recent low has been 4.4709, Feb 10. A break would resume the recent bearish pressure.
  • USDZAR weakness extends. The pair has this week breached support at 14.7667, Jan 21 low. The break lower highlights scope for a test of 14.5037, Dec 25 low where a break would confirm a resumption of the broader downtrend that has been in place since Apr 6, 2020.
    • Key short-term resistance is at 15.1258, Feb 4 high.
  • USDTRY bearish conditions dominate. The recent extension lower exposes 7.00, an important psychological round number. A break would open 6.8568, the 50.0% retracement of the Nov 2018 - Nov 2020 uptrend. The 20-day EMA at 7.2248 marks a firm resistance.
  • USDRUB is firmer today. The recovery off yesterday's low is potentially an important short-term bullish development.
    • Price is recovering from the base of a bull channel drawn off the Dec 17 low.
    • If the recovery is able to extend, it would suggest scope for a climb towards the top of the channel at 76.7838 currently.
    • Key short-term support has been defined at 73.5307, yesterday's low. A break would be bearish.
    • Next resistance is at 74.7964, the 50-day EMA.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.